Significant Bibiani Ramp-Up Activity On Schedule

VANCOUVER - Asante Gold Corporation reported a significant ramp-up in activity to accelerate growth initiatives at Bibiani, supported by the immediate deployment of proceeds from the initial US$100 million gold forward sale. Acceleration of stripping activities at the Main pit and the Russel pit, with 300% increase in monthly material movement expected by June 2025 compared to recent levels. Sulphide treatment plant commissioning expected to be complete in May 2025. Bibiani monthly gold production expected to increase to 9,000 ounces in February 2025 and to 23,000 ounces by September 2025.

Dave Anthony, President and CEO stated, “We are pleased to report a rapid increase in operational activities at the Bibiani mine, funded by the $100 million gold forward agreement with our key strategic partner Fujairah. This will more than double monthly gold production by February 2025, with additional catalysts for growth expected to follow over the course of the year supported by the Company’s financing plans that continue to advance.”

Operational activities at the Bibiani Mine are accelerating, driven by ongoing expansion of the Russel pit and a rapid increase in equipment availability from the primary mining contractor. The Russel pit continues to outperform our expectations, with gold production up by more than 700% during the last quarter of 2024, to upwards of 7,000 ounces per month. As a result, an aggressive drilling program has been initiated to confirm the southward extension into Cutback #3 during the second half of 2025. This will support advancement of waste stripping at the Main pit during the first half of 2025.